● By Siew Ching
We get YOU to share the best advice ever on $$$...
If you, like most people, need some help to make better financial decisions, this article is for you. Because we asked individuals just like yourself for some of the best advice they’ve received when it comes to money. The answers are relatable, easy to understand (forget financial lingo!) and best of all, you can do them yourself for that healthy bank balance you’ve always wanted.
LIVE BELOW YOUR MEANS
“Many of my peers live paycheck to paycheck. It’s not because they have a lot of daily expenses; it’s because they are spending above their pay grade! It’s easy to spend your money on unnecessary things – café hopping every weekend, that designer bag that’s above your budget. The one thing my father has constantly reminded me when I first started working was to live below my means. It’s OK to splurge once in a while but if you are living a luxurious lifestyle when your pay cheque is bare minimum, then for sure you’re going to run into financial trouble sooner or later, especially if you have a habit of charging everything. A lot of people have little to no savings due to overspending on unnecessary upgrades. The adage spend wisely, save for the future is the best thing you can do for your finances.” – Wong Zen, Manager
ALWAYS SAVE FOR RAINY DAYS
“It’s super cliché but this is literally the best advice about money! Many people end up being in trouble if they suddenly face an unexpected incident or any other emergency because they’ve failed to save for it. You never know when an emergency may happen but the one thing you can be sure of is that you have the necessary means to handle it when it does. Whenever I get my salary at the end of the month, I pay for all my monthly commitments, save a certain percentage of what’s left, and the rest I use for daily expenses.” – CY, Marketing Exec
SET UP AUTOMATIC TRANSFER FOR YOUR SAVINGS
“Get your bank to automatically transfer money from your salary at the end of the month into a savings account. Doing this, you take willpower and discipline out of the equation, and saving becomes automatic! You don’t even think about it and before you know it, you have a nice amount of savings going on there.” – Azan, Exec
START SAVING AS SOON AS YOU START WORKING!
“When I received my first-ever pay cheque, I thought to myself what can I buy? I asked my mum and she told me to save it instead! That has encouraged me to start saving at a young age. We always think that with each pay cheque, we should treat ourselves for all the hard work we do. Saving it is also a form of treating yourself because over time, you would have built a safety net in savings, which is the greatest gift you can give yourself.” – Michelle Yan, Asst. Manager
THINK OF INVESTING
“Read this article by investing expert William Bernstein called “If You Can”. He presents simple yet effective steps on how to save, especially for millennials. It’s not a get rich quick scheme but powerful steps on how to confidently build your savings for the future. He shares investment tips and other useful saving/spending tips. Highly recommended!” – Kyan, Manager
TRACK YOUR CASH FLOW
“With e-wallets, credit cards, cash and other forms of payments, it’s easy to lose track of your spending! That’s where we all get into trouble with our finances, not knowing how much we’ve really spent. I was lamenting about this to a friend and he shared the app he used to track his incomings and outgoings on a daily basis. I started doing this and it has helped with my cash flow. Not only that, I know exactly how much I’ve spent and when to stop. There are a lot of options out there for you to download so look for one that works the best for you. Try it!” – Radha, Content Creator
DO YOU NEED IT OR WANT IT?
“That’s the best advice I received about money – to really understand if I need something or if I want it. Before I make a purchase, especially big purchases, I always ask myself how it will add value to my life. Understanding between need and want has been handy as it has allowed me to really save my money.” – Louise, Digital Marketer
Photo by Jp Valery on Unsplash.
From Franklin to Phelps, you should make some of these habits your own!
It’s better to make friends than enemies in the office!
Hint: It has nothing to do with how hard you’re working.